Global Plastic Additives Market TOC
APAC Market Forecast
The Asia Pacific plastic additives market is poised to dominate 58% revenue share by 2037. Significant factor includes growth in growing investment in infrastructure development. According to the Asian development bank, the emerging economies in the Asia Pacific region are investing USD 881 billion annually in infrastructure development. Moreover, the growing automotive industry across China and India is driving the product demand in the region as plastic additives play an important role in automotive component manufacturing. According to the Society of Indian Automobile Association, the automotive sector produced 25.93 million units from April 2022 to March 2023, as against 23.04 million units from April 2021 to March 2022.
European Market Statistics
The Europe plastic additives market is projected to hold the second-largest market share in 2037. Significant factor includes higher penetration of chemical companies, and growing chemical and plastic resin exports across the region. Moreover, growing R&D by major players as well as strategic collaborations made by major regional players backed market growth. For instance, BASF and Zhejiang REEF Technology Co., Ltd. announced a strategic partnership agreement in order to create cutting-edge recyclate formulations for use in the consumer, packaging, and automotive industries. According to the agreement, BASF plans to provide technical advice and assistance for recycled polymer formulations carried out at BASF's test facilities together with its recently released IrgaCycle additive solutions.
Author Credits: Rajrani Baghel
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